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Question - Two years ago Peta purchased a house in Kew. This house had two old tennis courts down the back which were in poor condition. She purchased the property for two reasons:
In the current tax year the tennis club next door offered to buy the old tennis courts, but only if Peta first restored them to good condition. Peta decided to accept the club's offer instead of going ahead with her plan to build and sell units.
Peta spent $100,000 on preparing the tennis courts for sale. This involved a great deal of work. Peta had to resurface the tennis courts and build new fences around them. She then sold the tennis courts in the current tax year to the tennis club for $600,000.
Ignoring capital gains tax, discuss whether the receipt of $600,000 is ordinary income under s 6-5.
A consumer would prefer to have his or her income doubled rather than prices of all goods halved and decrease in price simply represents a transfer from suppliers to consumers.
Briefly discuss the income tax implications of the following, stating which sections of the ITAA 1997 or ITAA 1936, if any, are most relevant.
1.code sec. 351 only applies to the organization of a corporation not to transfers to an already existing
Compute Kit Inc general rate income pool (GRIP) account balance as of December 31, 2011 - receiving the maximum amount of boot and preferred shares for the balance of consideration; and,
Describe how underpayment penalty is calculated. What determines if a taxpayer is required to file a tax return? If a taxpayer is not required to file a tax return, does this mean that the taxpayer should not file a tax return?
What general business factors should be considered when choosing between the branch and subsidiary forms of doing business in the United States
On 30 July 2011 she was paid a genuine redundancy sum of $20,000. The payment is considered reasonable and she did not have any unused long service leave or annual leave.
Indicate with explanations, sections of the Acts and relevant caselaw how the Revenue and Expense items in the company's accounts are treated for tax purposes and calculate SEM Pty Ltd's taxable income for 2011/12.
Write a tax memo, using prescribed format, correct grammar, spelling, and citations, of at least 4 pages (doubt) on the following tax research problem. This is not a group project
The profit after tax from continuing operations of Ilayimi, after all of the above events were taken into account, amounted to R12 523 500 for the year ended 31 December 2011.
The information above are federal tax rates but I don't understand what it means so I'm not sure how to solve the problem. What I did was sort into 4 intervals
Identify the tax issues relevant to Simon in deciding whether to give the stock or the sale proceeds to Fred and how would you answer above change if Mort purchased the 100 shares on December 27, 2014 rather than on August 16, 2014?
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